Debt-Free and Improved Balance Sheet
The company has significantly improved its balance sheet, becoming debt-free and is now funded with cash resources that have not been available over the past two years.
Expansion of VLN Products
VLN and Partner VLN products are now available in approximately 1,500 stores across 21 states, with store display resets being implemented, and the company has continued to expand its brand and product availability.
Insurance Settlement Boost
The company received a $9.5 million insurance settlement from the Dorchester business interruption claim, which improved cash on hand and strengthened the balance sheet.
Strategic Shift to Higher Margin Products
The company has shifted its strategy away from low-margin CMO business to focus on higher-margin branded products, which is expected to drive future profitability.
Positive Product Reviews
The VLN products have received excellent reviews on taste and smoking experience, indicating strong consumer acceptance.